Project Presentation For the

Project Presentation For the Lake Buena Vista Orlando, FL

Rear Aerial View

Central Pool and Piazza

Seven Story InterContinental Hotel Lobby

Palazzo Del Lago Site Plan

Site Plan Aerial

LAKE BUENA VISTA ORLANDO, FLORIDA www.palazzodellago.com November 2006 INTRODUCTION: The InterContinental Resort and Residences at Palazzo Del Lago will be one of the country s most prestigious world-class hotel and resort residential destinations. The project shall include the 1,215 luxury room and suite InterContinental Resort and Residences with all the resort amenities. Additionally, Palazzo Del Lago also includes 800 resort condominiums in four 18- story Villa towers. Located in Lake Buena Vista (near Orlando, Florida) in the heart of the most visited tourist destination in the world, Palazzo Del Lago is designed in the classic Italian Renaissance style of architecture and interiors. This will be one of Orlando s few lakefront resorts, featuring watersports, world class health spa, and state of the art conference and banquet facilities. Its setting will boast beautiful views of Lake Bryan and nightly fireworks of Walt Disney World. The InterContinental Resort and Residences will include what is currently the only Orange County Convention Center Official hotel. This hotel located within this worldclass facility will also be managed by InterContinental Hotels and Resorts, one of the world s leading hotel chains, which has 140 world class hotels in 60 countries. Visit our website at: www.palazzodellago.com The following Executive Summary provides an overview of the proposed development. A team of owners, investors, and managers direct the project and development design professionals, who are all highly regarded experts in the field of quality and distinctive hotel convention and destination resort projects, compliments the development team. Palazzo Del Lago, LLC. of Fort Lauderdale, Florida (Owner) is developing the project as a luxury Resort Hotel and Convention facility to be located on Lake Bryan in the community of Lake Buena Vista/Orlando, Florida. The development is located in the heart of what is considered the new Lake Buena Vista corridor. Construction will commence in 2007. Mr. Ralph Holden, Chairman and Principal, Mr. Jerrold R. Krystoff, Chief Executive Officer and Principal and Mr. Daniel E. Adache, President and Principal, own and manage Hospitality Development Group, Inc. The project will be developed by a team of specialty companies having a diverse area of convention hotel resort development expertise, which includes, Adache Group Architects, Inc., Hunt Construction Group and a number of other professional firms.

The Architect and Interior Design Professionals for the project is Adache Group Architects, Inc., an award winning Florida firm with 35 years experience in the design of first class hotels and resorts worldwide. Palazzo Del Lago is designed in the classic revival of the Italian Renaissance of old world architecture with white stucco walls, arched glass openings, ornamental classical details, and barrel-tile terracotta roofs stepping up from eight to twelve stories topped off by two 14-story towers and one 16-story tower. The resort condominium Villa towers will each be 18 floors. The approach to the lobby entry off International Drive is along a date-palmed boulevard, over a small lake, through lushly landscaped gardens, up to a cascading waterfall entrance. The six-story glass arched/walled lobby has spectacular views of the beautifully landscaped pool, white sand beach and Lake Bryan. The InterContinental interior is appointed in the elegant style of marble floors, arched walls and highdome ceilings with over-scaled hangings Chandeliers. All of the public areas and guestrooms are furnished and detailed with tasteful European style furnishings, artwork and window treatments. Each of the five restaurants are designed to a special theme in their own individual style yet compatible with the overall design concept, including specialty menus, from indoor casual to fine dining to outdoor cafés and grills. Most of the guestrooms and villas have a large balcony with special views. Three quarters of the double loaded guestrooms in the hotel and all of the villas have a view of Lake Bryan, Walt Disney/Epcot and beyond on the upper floors, while the balance of the rooms view the landscaped gardens and the on-site lake. Palazzo Del Lago, LLC has executed a 20 year management agreement with InterContinental Hotels and Resorts to brand, market and manage the hotel. With over 50 million visitors last year, the project is uniquely located in the heart of one of the most vibrant theme parks in the world. The surrounding entertainment and destination attractions include a number of world-renowned venues such as Walt Disney World Resort, Epcot, MGM Studios, Universal Studios, Disney Wide World of Sports, Animal Kingdom, Sea World, Orange County Convention Center, numerous resort projects, restaurants, shopping and many other entertainment vacation and destination features. The area is considered one of the World s busiest tourist, convention and vacation destinations. The approved zoning density allows approximately 60 units per acre, i.e., 2,500 units. As stated, the project will be developed in multiple phases. The phasing of the project will maximize the land use and provide the quality facilities needed to meet the expanding market demand. The project is on a 42-acre site having approximately 300 feet of beachfront on Lake Bryan (a 214 acre spring-fed lake). The multi-phase project will achieve the distinction of a Four-Star Plus Resort Hotel and Convention Development. Phase I shall consist of the InterContinental Hotel (1,215 rooms and suites) with substantially all of the convention, recreation and resort amenities completed and in place, and the first of four resort condominium Villa towers.

Additional phases shall include the balance of the 800 resort condominium Villa units to be developed in three additional resort condominium towers, each consisting of 200 resort condominium units. The financial and equity requirements as set out in the following presentation package and supporting materials are focused on the Phase I component. PHASE I INTERCONTINENTAL RESORT AND RESIDENCES 1,215 HOTEL ROOMS AND SUITES AND THE FIRST 200 UNIT RESORT CONDOMINIUM TOWERS The Phase I resort hotel components of the project are as follows: KEY FEATURES Four-Star Plus Resort Hotel and Convention property 437 traditional hotel rooms 778 - one, two and three-bedroom suites in the hotel 200 one, two and three-bedroom fully furnished resort condominium villas World-class health spa, 17,000 sq/ft. Convention and meeting space, 121,000 sq/ft First Class Tennis Facility Five signature restaurants Business Center State-of-the-art Fitness Center Formal gardens, pools and Piazzas Children s Pool and Kid s Club On site putting golf course, (37 signature golf courses within 15 miles) Complete watersport facility Beachfront on the shores of Lake Bryan Many additional featured attractions The cost analysis is provided in this report, which reflects the hard costs, and softcosts allocations based upon the hotel components consist of 437 hotel rooms and 778 one, two and three-bedroom suites as well as the convention facilities and extensive resort amenities plus the 800 resort condominium Villa units. LOCATION: The project is located in Lake Buena Vista, Florida. The Lake Buena Vista area is one of the most visited resort destinations in the world. In 2006, Disney alone generated over 50 million visitors. The substantial traffic counts and visitor demographics provide a sound market platform for the Four-Star Plus Resort Hotel and Convention Center project. The Palazzo Del Lago and InterContinenetal Resort and Residences site is the center of one of the most intense theme/park entertainment, convention and retail corridors in the world. This commercial district services the enormous traveling population visiting Orlando Metropolitan area. The property has accessibility to and from all major area destinations due to its close proximity to all of the major roadways and highways systems in the area.

The Palazzo Del Lago is also unique from most of its competitors because of its location on Lake Bryan. It is a true waterfront beach resort on a 214-acre interactive spring fed lake, lined with ecologically protected cypress trees. The Orlando International Airport is located 15 minutes from the site. Ranked 14th in the nation and 23rd in the world, this airport is the sixth largest port of entry for international visitors to the United States with more than 2.5 million international passengers per year. The airport has scheduled local, national and international airlines and 50 charters providing direct service to more than 100 cities worldwide. According to a study undertaken by the International Air Transport Association, Orlando s International Airport is the world s 4 th best airport. LAKE BUENA VISTA/ORLANDO, FLORIDA MARKET SUMMARY: 1. Since 1995, Disney has conducted studies that demonstrated that the average length of stay in the Orlando market has been increasing due to the development of other attraction and activities of interest to the visiting traveler. Among the increasing activities are shopping, water sports, golf, recreation, conventions, resorts and other business activities. 2. The increasing business component for the immediate area is the direct result of the growth and demand for conventions and meetings in this diversified interactive and dynamic Metropolitan Orlando market. 3. The development response for quality hotel accommodations is a direct result of the demand site. The increasing tourism base and the increase in the number of entertainment attractions continue to drive the market demand. 4. The Lake Buena Vista sub-market has remained strong. In 2005, the total sub-market (Lake Buena Vista) consisted of 35,776 rooms. 5. Based upon the Lake Buena Vista s sub-market demand exists for additional 10,182 new rooms. 6. The demand for quality convention space continues to grow. 7. Sub-market analysis indicates that there is a growing demand for 4-star resort hotel and convention properties. 8. The transportation network of highway systems continues to support the expansion of resort, entertainment and other forms of development. 9. The new entertainment attractions and commercial generators in proximity to Lake Buena Vista will further define competitive advantages and market segment opportunities. 10. The Orange County Convention Bureau states that the area lacks sufficient luxury accommodations to book conventions. 11. Over the past 10 years, annual occupancy percentages have remained consistently strong, the current annual average is in excess of 80.00%. The financial assumptions have projected less than the current competitive room rates and occupancy levels.

THE DEVELOPMENT TEAM: The development team is managed and directed by the Hospitality Development Group, Inc. of Fort Lauderdale, Florida. The team includes the following: Adache Associates Architects Hunt Construction Group InterContinental Hotels Group HVS International, LLC Other financial, technical and legal consultants HOSPITALITY DEVELOPMENT GROUP, INC. AND PALAZZO DEL LAGO, LLC. Hospitality Development Group, Inc. and Palazzo Del Lago, LLC is managed and owned by the following principals: Mr. Ralph Holden Principal and Chairman Mr. Holden is an entrepreneur and a seasoned real state developer. Mr. Holden has built over 10,000 homes and condominiums in Florida, New Mexico, Nevada and Colorado. Mr. Jerrold R. Krystoff Principal and CEO Mr. Krystoff is a real estate developer and entrepreneur, active in real estate investments and developments since 1979. Mr. Daniel E. Adache Principal and President Mr. Adache has developed a number of high profile hospitality projects. He is an architect and developer with over 35 years experience in the design and development of over 150 prestigious hotels and resorts and over 20,000 condominium units. ADACHE GROUP ARCHITECTS, INC. Mr. Daniel E. Adache is the principal owner of Adache Group Architects, Inc. of Fort Lauderdale, Florida. The Adache Group has over the past 30 years designed and specialized in over 150 hotels and resort projects, both domestically and internationally for various clients including: InterContinental Hotels and Resorts Four Seasons Marriott Hotels and Resorts The Hyatt Group Sheraton Corporation Doral Hotels and Resorts The Hilton Hotels Corporation Radisson Hospitality World Wide Club Resorts Ramada International Hotels and Resorts

HUNT CONSTRUCTION GROUP Hunt Construction Group is one of the nation s top 25 builders completing an average of approximately $1.8 Billion of work annually and average between $6 Billion and $8 Billion of work under contract at any given time. Hunt Construction Group, with experience of several million square feet of hotel and convention space, is recognized as being one of the country s leading hospitality contractors. INTERCONTINENTAL HOTELS GROUP The InterContinental brand is the luxury flag of the InterContinental Hotel Group, a leading global multi-brand hospitality group (Holiday Inn, Crown Plaza, Staybridge, Candlewood Suites, and Indigo) with more than 3,500 hotels worldwide. InterContinental Hotels and Resorts offer exceptional service and luxurious ambiance with a portfolio of 140 world class hotels in 60 countries. The InterContinental at Palazzo Del Lago will rival some of InterContinental s other prestigious hotels such as The Carlton in Cannes, The Mark Hopkins in San Francisco, The Willard in Washington, DC or The InterContinental in Hong Kong. The experience and prestige of InterContinental brings excellent management skills and extreme value to the project. HVS INTERNATIONAL HVS International is a global consulting and service organization focused on hospitality, real estate, and the leisure industries. The 25 years old hospitality consultant, with 23 offices in major cities worldwide, offers valuation, feasibility, market studies, asset management and many other services. It has performed more than 15,000 assignments since its inception in 1980. HVS International has provided a detailed market feasibility and appraisal report for this project and is available upon request. DEVELOPMENT STATUS The property has been owned by the developers (Palazzo Del Lago, LLC) since 1999. It has taken several years to bring the project to the point of nearing the end of predevelopment services having contracted with InterContinental, Orange County Convention Center, all design, engineering professionals and multiple consultants whereby all entitlements are in place and building permits are expected by early 2007 and construction will commence by mid 2007. Sales and Marketing has begun with the Palazzo sales team even though the official grand opening of the on site sales center will be launched in late January. Phase I, The InterContinental Resort and the first of four resort condominium Villa towers, will open in late 2009.

CONCLUDING STATEMENT: Palazzo Del Lago is located in the heart of what can only be considered as a prime market for a resort hotel and convention project. The professional expertise of this diverse and dynamic team will enable the project to be completed on budget and in a timely manner. The economic analysis including the proforma, and the start up and stabilization proforma analysis as part of the Executive Summary demonstrate a snap shot of the economic results that could be achieved. Please review the enclosed information, and if you should have any additional questions, please do not hesitate to contact Daniel Adache at Hospitality Development Group, Inc. (954) 764-3979 or e-mail at dadache@adache.com.

Palazzo Del Lago Entrance

Hotel Entry and Cascading Fountains

View From Lake Bryan

Formal Gardens

InterContinental East Tower (front)

The Villas at Palazzo Del Lago

Lakeside Steakhouse

Beach Club

100 MILLION PROJECT RETURNS

NARRATIVE SUMMARY Page 1 of 19 February 28, 2007

FUNDING REQUIREMENTS AND PROJECT RETURNS We are pleased to present a hotel, condominium-hotel and condominium resort located on Lake Buena Vista in Orlando, Florida. The hotel flag and operator is the prestigious InterContinental Hotels Group. FUNDING REQUIREMENTS AND RETURNS, LLC is offering equity participation of 50% in this exciting project for an investment of $100,000,000. The project is anticipated to provide its equity partner a 30.58% internal rate of return over an 81-month investment period. Further summation follows on the project schedule, including forecasted revenue and cost. SCHEDULE will be built in three phases over a sixty-one month construction period. Continuous construction will be maintained from the December 2007 projected commencement date. The will be built and fully occupied within 33 months of the commencement date. Both and require 25 months for build-out and occupancy. Based on the phasing plan, will start in month 18 and be completed and occupied by month 42, and will start in month 37 and be completed and occupied by month 61. The planned holding period for the hotel is four years (or 48 months), with opening occurring in month 34 of the construction commencement date. The sale or refinancing of the hotel is, therefore, projected to occur in month 81 from construction commencement. The sale or refinancing of the operation and rental of the pooled resort condominium villas will also occur in month 81. As a result of construction phasing, will commence operations in month 43 and will commence operations in month 62. REVENUE The revenue for the project is based upon four primary sources: 1) Revenue from the sale of 778 condo-hotel and condominium villa units during the construction period; 2) Revenue from the sale of 800 condominium villa units during the construction period; 3) Revenue from hotel operations during the planned four year operating period and the net proceeds derived from the sale of the residual 437 hotel rooms and accompanying amenities, and 4) Revenue from the rental of the pooled condominium villas during the planned four year operating period and the net proceeds derived from the sale of the 800 villa unit rental operation. Condo Hotel and Tower 1 The average sales price of the 778 condo/hotel and condominium villa units available for sale in the Hotel is $683/square foot. The sellable area is approximately 714,545 square foot, and total gross revenue is projected at $488,034,000. Average sales price is defined here to be the sales price averaging between the beginning and the ending of all sales, while the norm is the average price between the least desirable units (17.5% below average) and the most desirable units (17.5% above average). Page 2 of 19 February 28, 2007

FUNDING REQUIREMENTS AND PROJECT RETURNS Condominium Villa Units Towers 2-5 The average sales price of the 800 condominium villa units located in Towers 2 5 varies based on the projected timing of the sales for units available in each of the towers. The average sales price for the 400 units located in is $582/square foot. In Tower 4, the average sales price for those 200 units is $599/square foot, and in Tower 5, the average sales price for the remaining 200 units is $609/square foot. The average sellable area for each tower is approximately 283,182 square foot, or a total of 1,132,729 square foot. Total gross revenue for Towers 2 5 is projected at $671,846,971. Average sales price is defined here to be the sales price averaging between the beginning and the ending of all sales, while the norm is the average price between the least desirable units (17.5% below average) and the most desirable units(17.5% above average). Hotel Operations The projected residual value (437 retained hotel units and amenities) is priced by capitalizing the stabilized net operating income (NOI) projected at the end of year four of the operating period, using a capitalization rate of 8.50%. The operational (income and expense) statement was provided by InterContinental Hotels, while the capitalization rate is based on current comparative market research performed by HVS International. During the four year operating period, cumulative net cash before tax is projected at $51,679,129 and net sales proceeds after debt retirement and selling/refinancing expense is projected at $144,396,672. Condominium Villas Operations The projected residual value (800 condominium villas and amenities) is priced by capitalizing the stabilized net operating income (NOI) projected at the end of year four of the operating period, using a capitalization rate of 9.50%. The operational (income and expense) statement was prepared by HVS International with adjustments for unit availability due to project phasing made by representatives of Hospitality Development Group. During the four year operating period, cumulative net cash before tax is projected at $49,187,207 and net sales proceeds after selling/refinancing expense is projected at $187,472,206. COST The construction budget was prepared by Hunt Construction Company. The budget for owner direct costs and for soft costs was prepared by Adache Group Architects, Inc., and representatives of Hospitality Development Group. The total development cost, including hard and soft cost and financing) is projected at $1,167,214,697. Based on the gross square footage of buildings and structures (4,867,296 s.f.), total hard costs (including construction, owner direct, project escalation and contingencies) is $173.23/s.f., and total development costs (including soft costs and development fees) is $239.81/s.f. All of the condo-hotel units and the traditional condominium villa units will be sold furnished and the costs include FF&E and OS&E as part of owner direct. As preparation of detailed construction documents progress, value engineering is anticipated to result in some cost savings that currently projected. Page 3 of 19 February 28, 2007

FUNDING REQUIREMENTS AND PROJECT RETURNS PROFORMA Accompanying this overview and summation, are the project Proforma and most pertinent supporting schedules on forecasted project performance. More detailed supporting schedules are not provided, but are available. Sources used in compiling the statements and schedules that follow include entities that are part of the development team or its consultants. Page 4 of 19 February 28, 2007

PROJECT PROFORMAS Page 5 of 19 February 28, 2007

STATEMENT OF FORECASTED DISTRIBUTIONS TO PALAZZO DEL LAGO, LLC FOR THE SIXTY-ONE MONTH CONSTRUCTION PERIOD AND FOUR YEAR HOLDING PERIOD INVESTOR SPONSOR Cash Equity Participation 50% 50% Investment $ 100,000,000 Year Month SCHEDULE INTERNAL RATE OF RETURN Estimated Month Net Cash Distributions By Participation Rate Hotel Condo Sales Res. Condo Sales TOTAL NET CASH DISTRIBUTION Hotel Net Cash Hotel Net Sales Villas Net Cash Villas Net Sale TOTAL 2007 0 11/30/07 (100,000,000) - (100,000,000) 2010 33 08/31/10 48,803,400 48,803,400 97,606,800 - - - - - 97,606,800 2011 43 06/30/11 55,868,751 55,868,751-111,737,502 - - - - 111,737,502 2011 45 08/31/11 6,134,956 6,134,956 5,161,033 7,108,879 12,269,912 2012 57 08/31/12 10,357,493 10,357,493 11,958,354 8,756,632 20,714,986 2012 61 12/31/12 63,056,612 63,056,612-126,113,224 - - - - 126,113,224 2013 69 08/31/13 15,909,286 15,909,286 16,847,555 14,971,016 31,818,571 2014 81 08/31/14 183,970,872 183,970,872 - - 17,712,186 144,396,672 18,360,680 187,472,206 367,941,744 Net Total: 284,101,370 384,101,370 97,606,800 237,850,726 51,679,129 144,396,672 49,197,207 187,472,206 668,202,740 Return of Original Cash: 100,000,000 (100,000,000) Total Return: 384,101,370 284,101,370 IRR: 30.58% - Summation: Investment= $ 100,000,000 Net Return= $ 284,101,370 IRR= 30.58% Note: IRR calculation is based on the formula for XIRR, allowing the analysis to project the return based on non-periodic distributions of cash. Page 6 of 19 February 28, 2007

STATEMENT OF FORECASTED SOURCES AND USES OF FUNDS - COMBINED PERIODS FOR THE SIXTY-ONE MONTH CONSTRUCTION PERIOD AND FOUR YEAR HOLDING PERIOD CUMULATIVE CONSTRUCTION PERIOD OPERATING AND HOLDING PERIOD Hotel-Condo Months 33-40 Hotel & Months 33-81 Months 1-81 & Tower 1 Total & Tower 1 Villas 2 & 3 Villas 4 & 5 Total Total SOURCES Revenue Construction Period: Hotel-Condo & Res. Condo Unit Sales 488,034,000 329,624,000 342,222,971 1,159,880,971 - - - - 1,159,880,971 Land Sale Proceeds - - - - - - - - - Hotel Operating and Holding Period: Owner's Net Cash Before Tax Distribution - - - - 51,679,129 - - 51,679,129 51,679,129 Hotel Gross Sales Proceeds - - - - 337,779,600 - - 337,779,600 337,779,600 Villas Operating and Holding Period: Owner's Net Cash Before Tax Distribution - - - - - 35,667,975 13,529,232 49,197,207 49,197,207 Villas Gross Sales Proceeds - - - - - 96,635,158 96,635,158 193,270,316 193,270,316 Subtotal - Revenue 488,034,000 329,624,000 342,222,971 1,159,880,971 389,458,729 132,303,133 110,164,390 631,926,252 1,791,807,223 - Other Financing Sources Construction Period: Resort Operator Contribution 3,000,000 - - 3,000,000 - - - - 3,000,000 Owners Equity 77,181,379 11,340,616 11,478,005 100,000,000 - - - - 100,000,000 CDD Bond Proceeds 26,244,770 9,523,384 9,231,846 45,000,000 - - - - 45,000,000 Net Debt Borrowing 194,791,250 - - 194,791,250 - - - - 194,791,250 Subtotal - Other 301,217,399 20,864,000 20,709,851 342,791,250 - - - - 342,791,250 Total Sources 789,251,399 350,488,000 362,932,822 1,502,672,221 389,458,729 132,303,133 110,164,390 631,926,252 2,134,598,473 USES Operating Expense Land Cost 50,000,000 - - 50,000,000 - - - - 50,000,000 Hard and Soft Cost (Excluding Financing) 581,721,334 221,670,977 219,617,195 1,023,009,506 - - - - 1,023,009,506 Financing Cost & Interest Expense 59,923,266 17,079,523 17,202,403 94,205,192 - - - - 94,205,192 Business Selling/Refinancing Expense Hotel Operations - - - - 10,133,388 - - 10,133,388 10,133,388 Villas Operations - - - - - 2,899,055 2,899,055 5,798,109 5,798,109 Total Expenditures 691,644,600 238,750,500 236,819,598 1,167,214,697 10,133,388 2,899,055 2,899,055 15,931,497 1,183,146,195 Excess Sources Over/(Under) Uses 97,606,799 111,737,502 126,113,224 335,457,524 379,325,341 129,404,078 107,265,335 615,994,754 951,452,278 Net Profit Margin 20.00% 33.90% 36.85% 28.92% 97.40% 97.81% 97.37% 97.48% 53.10% Net Operating Income 97,606,799 111,737,502 126,113,224 335,457,524 379,325,341 129,404,078 107,265,335 615,994,754 951,452,278 Hotel Debt Retirement - - - - (183,249,540) - - (183,249,540) (183,249,540) Net Cash Before Tax Gross Distributions Before Tax to Owners 97,606,800 111,737,502 126,113,224 335,457,525 196,075,801 129,404,078 107,265,335 432,745,214 768,202,739 Total Gross Distributions to Owners 97,606,800 111,737,502 126,113,224 335,457,525 196,075,801 129,404,078 107,265,335 432,745,214 768,202,739 Return of Original Cash Investment - - - - - - - - (100,000,000) Total Net Distributions to Owners 97,606,800 111,737,502 126,113,224 335,457,525 196,075,801 129,404,078 107,265,335 432,745,214 668,202,739 Page 7 of 19 February 28, 2007

SUPPORTING SCHEDULES Page 8 of 19 February 28, 2007

SCHEDULE OF FORECASTED SOURCES AND USES OF FUNDS - CONSTRUCTION PERIOD FOR THE SIXTY-ONE MONTH CONSTRUCTION PERIOD SOURCES Hotel-Condo Resort Residential & Tower 1 Total Resort Operator Contribution $ 3,000,000 $ - $ - $ 3,000,000 Contributed Equity 77,181,379 11,340,616 11,478,005 100,000,000 Hotel-Condo & Res. Condo 10% 2nd Deposits 48,803,400 32,962,400 34,222,297 115,988,097 CDD Bond Proceeds 26,244,770 9,523,384 9,231,846 45,000,000 Mezzanine Loan 7% 51,250,000 7% 17,250,000 7% 17,250,000 85,750,000 Senior Loan 70% 485,165,050 70% 167,674,100 70% 164,637,450 817,476,600 Total Sources: $ 691,644,600 $ 238,750,500 $ 236,819,598 $ 1,167,214,698 USES Project Expense: Land Cost (To Project) $ 50,000,000 $ - $ - $ 50,000,000 Construction 367,643,319 134,946,343 132,551,199 635,140,861 Owners Direct Costs (FF&E/OS&E) 97,889,932 35,050,589 34,919,824 167,860,345 Escalation 2% 9,310,665 2% 3,399,939 2% 3,349,420 16,060,024 Construction & Owners Direct Contingency 3% 13,965,998 3% 5,099,908 3% 5,024,131 24,090,036 Project Management 1% 4,655,333 1% 1,699,969 1% 1,674,710 8,030,012 Archtecture, Engineering & Design 7,410,308 3,407,038 3,378,646 14,195,992 Legal and Professional 652,500 300,000 297,500 1,250,000 Permits and Fees 6,718,140 3,088,800 3,063,060 12,870,000 Real Estate Taxes and Insurance 6,901,701 3,173,196 3,146,753 13,221,650 Salaries & Administrative Expense 1,044,000 480,000 476,000 2,000,000 Marketing & Advertising 7,308,000 3,360,000 3,332,000 14,000,000 Soft Cost Contingency 2% 693,800 2% 310,180 2% 307,373 1,311,353 Sales Center 1,530,945 703,883 698,017 2,932,845 Sales Commissions 29,282,040 19,777,440 20,533,378 69,592,858 Pre-Opening Expense & Food & Beverage Stock 9,478,000 - - 9,478,000 Hotel Working Capital Reserve 4,000,000 - - 4,000,000 Condominium Asso. Start-up Costs Allowance 1,576,568 1,249,632 1,249,626 4,075,827 Condominium Asso. Settlements Allowance 1,220,085 824,060 855,557 2,899,702 Development Fee 10,440,000 4,800,000 4,760,000 20,000,000 Total Project Expense: 631,721,334 221,670,977 219,617,195 1,073,009,506 Financing Expense: Mezzanine Loan Issuance Costs 1,281,250 431,250 431,250 2,143,750 Mezzanine Loan Interest Costs 16,912,500 4,312,500 4,312,500 25,537,500 Senior Loan Issuance Cost 7,260,000 2,520,000 2,475,000 12,255,000 Senior Loan Interest Costs 34,469,516 9,815,773 9,983,653 54,268,942 Total Financing Expense: 59,923,266 17,079,523 17,202,403 94,205,192 Total Uses: $ 691,644,600 $ 238,750,500 $ 236,819,598 $ 1,167,214,697 Excess Sources Over/(Under) Uses: $ (0) $ 0 $ (0) $ 0 Page 9 of 19 February 28, 2007

SCHEDULE OF PROJECT COSTS EXCLUDING FINANCING AND CONSTRUCTION PERIOD DISTRIBUTIONS Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month CASH FLOW ANALYSIS Pre-Closing 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 TIMELINE (Start to Construction Completion) Hotel - Condo 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 1 2 3 EXPENSES Land Cost (Net To Project) 50,000,000 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Land Cost (To Project) Subtota 50,000,000 - - - - - - - - - - - - - - - - - - - - Construction - 2,317,019 2,574,467 2,831,913 3,389,140 7,905,650 8,612,304 8,582,385 8,850,308 9,346,146 12,915,857 13,407,689 13,251,996 14,820,885 13,476,445 15,725,293 17,438,433 16,002,380 16,234,204 19,091,156 18,562,305-494,877 494,877 494,877 494,877 - - - - - - - - - - - - - 1,203,401 1,472,656 4,485,551-490,485 490,485 490,485 490,485 - - - - - - - - - - - - - - - - Construction Subtota - 3,302,381 3,559,829 3,817,274 4,374,502 7,905,650 8,612,304 8,582,385 8,850,308 9,346,146 12,915,857 13,407,689 13,251,996 14,820,885 13,476,445 15,725,293 17,438,433 16,002,380 17,437,605 20,563,812 23,047,856 Owners Direct Costs (FF&E/OS&E) 7,099,200 4,831,422 396,247 396,247 761,647 72,352 72,352 72,352 72,352 72,352 14,881,120 72,352 72,352 72,352 72,352 3,075,918 72,352 72,352 72,352 72,352 5,290,707 3,264,000 2,188,078 148,917 148,917 316,917 - - - - - - - - - - - - - 43,910 43,910 43,910 3,236,800 2,169,844 147,676 147,676 314,276 - - - - - - - - - - - - - - - - Owners Direct Costs (FF&E/OS&E) Subtotal 13,600,000 9,189,344 692,839 692,839 1,392,839 72,352 72,352 72,352 72,352 72,352 14,881,120 72,352 72,352 72,352 72,352 3,075,918 72,352 72,352 116,263 116,263 5,334,618 Escalation @ 2% 141,984 142,969 59,414 64,563 83,016 159,560 173,693 173,095 178,453 188,370 555,940 269,601 266,487 297,865 270,976 376,024 350,216 321,495 326,131 383,270 477,060 65,280 53,659 12,876 12,876 16,236 - - - - - - - - - - - - - 24,946 30,331 90,589 64,736 53,207 12,763 12,763 16,095 - - - - - - - - - - - - - - - - Escalation @ 2% Subtotal 272,000 249,835 85,053 90,202 115,347 159,560 173,693 173,095 178,453 188,370 555,940 269,601 266,487 297,865 270,976 376,024 350,216 321,495 351,077 413,601 567,649 Construction Contingency @ 3% 212,976 214,453 89,121 96,845 124,524 239,340 260,540 259,642 267,680 282,555 833,909 404,401 399,730 446,797 406,464 564,036 525,324 482,242 489,197 574,905 715,590 97,920 80,489 19,314 19,314 24,354 - - - - - - - - - - - - - 37,419 45,497 135,884 97,104 79,810 19,145 19,145 24,143 - - - - - - - - - - - - - - - - Construction Contingency @ 3% Subtota 408,000 374,752 127,580 135,303 173,020 239,340 260,540 259,642 267,680 282,555 833,909 404,401 399,730 446,797 406,464 564,036 525,324 482,242 526,616 620,402 851,474 Project Management @ 1% 365,400 129,998 129,998 129,998 129,998 129,998 129,998 129,998 129,998 129,998 129,998 129,998 129,998 129,998 129,998 129,998 129,998 129,998 129,998 129,998 129,998 168,000 - - - - - - - - - - - - - - - - - 61,279 61,279 61,279 166,600 - - - - - - - - - - - - - - - - - - - - Project Management @ 1% Subtota 700,000 129,998 129,998 129,998 129,998 129,998 129,998 129,998 129,998 129,998 129,998 129,998 129,998 129,998 129,998 129,998 129,998 129,998 191,277 191,277 191,277 Archtecture, Engineering & Design 5,099,940 70,011 70,011 70,011 70,011 70,011 70,011 70,011 70,011 70,011 70,011 70,011 70,011 70,011 70,011 70,011 70,011 70,011 70,011 70,011 70,011 2,344,800 - - - - - - - - - - - - - - - - - 42,490 42,490 42,490 2,325,260 - - - - - - - - - - - - - - - - - - - - Archtecture, Engineering & Design Subtota 9,770,000 70,011 70,011 70,011 70,011 70,011 70,011 70,011 70,011 70,011 70,011 70,011 70,011 70,011 70,011 70,011 70,011 70,011 112,501 112,501 112,501 Legal and Professional 652,500 - - - - - - - - - - - - - - - - - - - - 300,000 - - - - - - - - - - - - - - - - - - - - 297,500 - - - - - - - - - - - - - - - - - - - - Legal and Professional Subtota 1,250,000 - - - - - - - - - - - - - - - - - - - - Permits and Fees 6,525,000 5,853 5,853 5,853 5,853 5,853 5,853 5,853 5,853 5,853 5,853 5,853 5,853 5,853 5,853 5,853 5,853 5,853 5,853 5,853 5,853 207,353 - - - - - - - - - - - - - - - - 2,792,647 3,552 3,552 3,552 205,625 - - - - - - - - - - - - - - - - - - - - Permits and Fees Subtotal 6,937,978 5,853 5,853 5,853 5,853 5,853 5,853 5,853 5,853 5,853 5,853 5,853 5,853 5,853 5,853 5,853 5,853 2,798,500 9,405 9,405 9,405 Real Estate Taxes and Insurance 5,335,701 - - - - - - - - - - - - - - - - - - - - 5,196 - - - - - - - - - - - - - - - - 2,448,000 - - - 5,153 - - - - - - - - - - - - - - - - - - - - Real Estate Taxes and Insurance Subtota 5,346,050 - - - - - - - - - - - - - - - - 2,448,000 - - - Salaries & Administrative Expense 282,552 23,074 23,074 23,074 23,074 23,074 23,074 23,074 23,074 23,074 23,074 23,074 23,074 23,074 23,074 23,074 23,074 23,074 23,074 23,074 23,074 129,909 - - - - - - - - - - - - - - - - - 14,004 14,004 14,004 128,826 - - - - - - - - - - - - - - - - - - - - Salaries & Administrative Expense Subtota 541,287 23,074 23,074 23,074 23,074 23,074 23,074 23,074 23,074 23,074 23,074 23,074 23,074 23,074 23,074 23,074 23,074 23,074 37,078 37,078 37,078 Marketing & Advertising 1,715,679 169,464 169,464 169,464 169,464 169,464 169,464 169,464 169,464 169,464 169,464 169,464 169,464 169,464 169,464 169,464 169,464 169,464 169,464 169,464 169,464 788,818 - - - - - - - - - - - - - - - - - 102,847 102,847 102,847 782,244 - - - - - - - - - - - - - - - - - - - - Marketing & Advertising Subtota 3,286,741 169,464 169,464 169,464 169,464 169,464 169,464 169,464 169,464 169,464 169,464 169,464 169,464 169,464 169,464 169,464 169,464 169,464 272,312 272,312 272,312 Soft Cost Contingency @ 2% 399,535 8,917 8,917 8,917 8,917 8,917 8,917 8,917 8,917 8,917 8,917 8,917 8,917 8,917 8,917 8,917 8,917 8,917 8,917 8,917 8,917 78,882 - - - - - - - - - - - - - - - - - 9,252 9,252 9,252 78,224 - - - - - - - - - - - - - - - - - - - - Soft Cost Contingency Subtota 556,641 8,917 8,917 8,917 8,917 8,917 8,917 8,917 8,917 8,917 8,917 8,917 8,917 8,917 8,917 8,917 8,917 8,917 18,169 18,169 18,169 Sales Center 1,262,846 8,124 8,124 8,124 8,124 8,124 8,124 8,124 8,124 8,124 8,124 8,124 8,124 8,124 8,124 8,124 8,124 8,124 8,124 8,124 8,124 580,619 - - - - - - - - - - - - - - - - - 4,931 4,931 4,931 575,780 - - - - - - - - - - - - - - - - - - - - Sales Center Subtotal 2,419,245 8,124 8,124 8,124 8,124 8,124 8,124 8,124 8,124 8,124 8,124 8,124 8,124 8,124 8,124 8,124 8,124 8,124 13,055 13,055 13,055 Sales Commissions 5,180,923 5,757,974 577,052 577,052 577,052 577,052 577,052 577,052 577,052 577,052 577,052 577,052 577,052 577,052 577,052 577,052 501,784 - - - - 1,252,446 82,398 82,398 82,398 82,398 82,398 82,398 82,398 82,398 82,398 82,398 82,398 82,398 82,398 82,398 82,398 115,357 346,071 3,641,981 692,141 692,141 - - - - - - - - - - - - - - - - - - - - - Sales Commissions Subtotal 6,433,368 5,840,372 659,450 659,450 659,450 659,450 659,450 659,450 659,450 659,450 659,450 659,450 659,450 659,450 659,450 659,450 617,141 346,071 3,641,981 692,141 692,141 Condominium Settlements Allowance - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Condominium Settlements Subtota - - - - - - - - - - - - - - - - - - - - - Condominium Asso. Start-up Costs Subtotal Allowance - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Condominium Asso. Start-up Costs Subtota - - - - - - - - - - - - - - - - - - - - - Hotel Pre-Opening and Ramp-Up Costs Pre-Opening Expense - Hotel - - - - - - - - - - - - - - - - - - - - - Working Capital Reserve - Hotel Ramp-up - - - - - - - - - - - - - - - - - - - - - Hotel Opening and Ramp-Up Costs Subtota - - - - - - - - - - - - - - - - - - - - - Developer's Fee 783,000 292,636 292,636 292,636 292,636 292,636 292,636 292,636 292,636 292,636 292,636 292,636 292,636 292,636 292,636 292,636 292,636 292,636 292,636 292,636 292,636 360,000 - - - - - - - - - - - - - - - - - 177,600 177,600 177,600 357,000 - - - - - - - - - - - - - - - - - - - - Developer's Fee Subtotal 1,500,000 292,636 292,636 292,636 292,636 292,636 292,636 292,636 292,636 292,636 292,636 292,636 292,636 292,636 292,636 292,636 292,636 292,636 470,236 470,236 470,236 Total Project Cost (Excluding Financing 103,021,310 19,664,761 5,832,829 6,103,147 7,423,236 9,744,430 10,486,417 10,455,002 10,736,321 11,256,951 30,554,353 15,521,571 15,358,093 17,005,427 15,593,765 21,108,799 19,711,544 23,173,265 23,197,574 23,530,251 31,617,771 Page 10 of 19 February 28, 2007

SCHEDULE OF PROJECT COSTS EXCLUDING FINANCING AND CONSTRUCTION PERIOD DISTRIBUTIONS Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month CASH FLOW ANALYSIS 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 TIMELINE (Start to Construction Completion): Hotel - Condo 21 22 23 24 25 26 27 28 29 30 31 32 33 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 1 2 3 4 5 6 EXPENSES Land Cost (Net To Project) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Land Cost (To Project) Subtotal - - - - - - - - - - - - - - - - - - - - - - Construction 15,312,740 16,630,337 11,533,799 11,268,742 11,725,176 10,289,195 11,376,368 11,288,771 10,657,303 10,237,159 10,812,447 9,588,787 1,586,518 - - - - - - - - - 4,288,699 5,170,104 5,898,069 7,406,152 7,803,548 8,221,306 8,090,593 9,313,525 9,366,651 7,837,033 4,835,053 4,858,795 5,433,284 5,255,707 5,163,004 3,099,816 6,237,867 5,951,808 5,570,990 2,351,261 3,443,647 208,316 - - - - - - - - - - - - - - - - 948,396 1,426,666 4,170,725 4,232,593 5,061,496 5,090,607 Construction Subtotal 19,601,439 21,800,441 17,431,868 18,674,894 19,528,724 18,510,501 19,466,961 20,602,296 20,023,954 18,074,192 15,647,499 14,447,582 7,019,802 5,255,707 5,163,004 3,099,816 6,237,867 5,951,808 5,570,990 2,351,261 3,443,647 208,316 Owners Direct Costs (FF&E/OS&E) 72,352 72,352 19,163,310 1,967,094 2,442,094 1,967,094 1,967,094 7,588,210 6,378,750 6,454,550 4,183,010 3,845,955 4,114,978 - - - - - - - - - 43,910 3,556,656 43,910 43,910 43,910 43,910 3,366,309 43,910 43,910 43,910 43,910 9,047,604 911,322 911,322 911,322 911,322 1,206,453 1,464,918 1,449,318 1,635,486 1,480,518 1,604,286 - - - - - - - - - - - - - - - - 43,544 43,544 43,544 43,544 3,556,290 43,544 Owners Direct Costs (FF&E/OS&E) Subtotal 116,263 3,629,008 19,207,221 2,011,004 2,486,004 2,011,004 5,333,403 7,632,120 6,422,660 6,498,460 4,226,921 12,893,559 5,026,300 911,322 911,322 911,322 1,249,997 1,508,462 1,492,862 1,679,030 5,036,808 1,647,830 Escalation @ 2% 307,702 334,054 613,942 264,717 283,345 245,126 266,869 377,540 340,721 333,834 299,909 268,695 114,030 - - - - - - - - - 86,652 174,535 118,840 149,001 156,949 165,304 229,138 187,149 188,211 157,619 97,579 278,128 126,892 123,341 121,487 80,223 148,886 148,335 140,406 79,735 98,483 36,252 - - - - - - - - - - - - - - - - 19,839 29,404 84,285 85,523 172,356 102,683 Escalation @ 2% Subtotal 394,354 508,589 732,782 413,718 440,295 410,430 496,007 564,688 528,932 491,453 397,488 546,823 240,922 123,341 121,487 80,223 168,725 177,739 224,692 165,258 270,839 138,935 Construction Contingency @ 3% 461,553 501,081 920,913 397,075 425,018 367,689 400,304 566,309 511,082 500,751 449,864 403,042 171,045 - - - - - - - - - 129,978 261,803 178,259 223,502 235,424 247,957 343,707 280,723 282,317 236,428 146,369 417,192 190,338 185,011 182,230 120,334 223,330 222,502 210,609 119,602 147,725 54,378 - - - - - - - - - - - - - - - - 29,758 44,106 126,428 128,284 258,534 154,025 Construction Contingency @ 3% Subtotal 591,531 762,883 1,099,173 620,577 660,442 615,645 744,011 847,032 793,398 737,180 596,233 820,234 361,383 185,011 182,230 120,334 253,088 266,608 337,037 247,887 406,259 208,403 Project Management @ 1% 129,998 129,998 129,998 129,998 129,998 129,998 129,998 129,998 129,998 129,998 129,998 129,998 129,998 - - - - - - - - - 61,279 61,279 61,279 61,279 61,279 61,279 61,279 61,279 61,279 61,279 61,279 61,279 61,279 61,279 61,279 61,279 61,279 61,279 61,279 61,279 61,279 61,279 - - - - - - - - - - - - - - - - 60,324 60,324 60,324 60,324 60,324 60,324 Project Management @ 1% Subtotal 191,277 191,277 191,277 191,277 191,277 191,277 191,277 191,277 191,277 191,277 191,277 191,277 191,277 61,279 61,279 61,279 121,603 121,603 121,603 121,603 121,603 121,603 Archtecture, Engineering & Design 70,011 70,011 70,011 70,011 70,011 70,011 70,011 70,011 70,011 70,011 70,011 70,011 70,011 - - - - - - - - - 42,490 42,490 42,490 42,490 42,490 42,490 42,490 42,490 42,490 42,490 42,490 42,490 42,490 42,490 42,490 42,490 42,490 42,490 42,490 42,490 42,490 42,490 - - - - - - - - - - - - - - - - 42,135 42,135 42,135 42,135 42,135 42,135 Archtecture, Engineering & Design Subtotal 112,501 112,501 112,501 112,501 112,501 112,501 112,501 112,501 112,501 112,501 112,501 112,501 112,501 42,490 42,490 42,490 84,625 84,625 84,625 84,625 84,625 84,625 Legal and Professional - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Legal and Professional Subtotal - - - - - - - - - - - - - - - - - - - - - - Permits and Fees 5,853 5,853 5,853 5,853 5,853 5,853 5,853 5,853 5,853 5,853 5,853 5,853 5,853 3,552 3,552 3,552 3,552 3,552 3,552 3,552 3,552 3,552 3,552 3,552 3,552 3,552 3,552 3,552 3,552 3,552 3,552 3,552 3,552 3,552 3,552 - - - - - - - - - - - - - - - 2,769,375 3,522 3,522 3,522 3,522 3,522 3,522 Permits and Fees Subtotal 9,405 9,405 9,405 9,405 9,405 9,405 9,405 9,405 9,405 9,405 9,405 9,405 9,405 3,552 3,552 2,772,927 7,074 7,074 7,074 7,074 7,074 7,074 Real Estate Taxes and Insurance - - - - - - - - - - - - 1,566,000 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 720,000 - - - - - - - - - - - - - - - 2,427,600 - - - - - - Real Estate Taxes and Insurance Subtotal - - - - - - - - - - - - 1,566,000 - - 2,427,600 - - - - - 720,000 Salaries & Administrative Expense 23,074 23,074 23,074 23,074 23,074 23,074 23,074 23,074 23,074 23,074 23,074 23,074 23,074 - - - - - - - - - 14,004 14,004 14,004 14,004 14,004 14,004 14,004 14,004 14,004 14,004 14,004 14,004 14,004 14,004 14,004 14,004 14,004 14,004 14,004 14,004 14,004 14,004 - - - - - - - - - - - - - - - - 13,887 13,887 13,887 13,887 13,887 13,887 Salaries & Administrative Expense Subtotal 37,078 37,078 37,078 37,078 37,078 37,078 37,078 37,078 37,078 37,078 37,078 37,078 37,078 14,004 14,004 14,004 27,891 27,891 27,891 27,891 27,891 27,891 Marketing & Advertising 169,464 169,464 169,464 169,464 169,464 169,464 169,464 169,464 169,464 169,464 169,464 169,464 169,464 - - - - - - - - - 102,847 102,847 102,847 102,847 102,847 102,847 102,847 102,847 102,847 102,847 102,847 102,847 102,847 102,847 102,847 102,847 102,847 102,847 102,847 102,847 102,847 102,847 - - - - - - - - - - - - - - - - 101,990 101,990 101,990 101,990 101,990 101,990 Marketing & Advertising Subtotal 272,312 272,312 272,312 272,312 272,312 272,312 272,312 272,312 272,312 272,312 272,312 272,312 272,312 102,847 102,847 102,847 204,838 204,838 204,838 204,838 204,838 204,838 Soft Cost Contingency @ 2% 8,917 8,917 8,917 8,917 8,917 8,917 8,917 8,917 8,917 8,917 8,917 8,917 8,917 - - - - - - - - - 9,252 9,252 9,252 9,252 9,252 9,252 9,252 9,252 9,252 9,252 9,252 9,252 9,252 9,252 9,252 9,252 9,252 9,252 9,252 9,252 9,252 9,252 - - - - - - - - - - - - - - - - 9,166 9,166 9,166 9,166 9,166 9,166 Soft Cost Contingency Subtotal 18,169 18,169 18,169 18,169 18,169 18,169 18,169 18,169 18,169 18,169 18,169 18,169 18,169 9,252 9,252 9,252 18,418 18,418 18,418 18,418 18,418 18,418 Sales Center 8,124 8,124 8,124 8,124 8,124 8,124 8,124 8,124 8,124 8,124 8,124 8,124 8,124 - - - - - - - - - 4,931 4,931 4,931 4,931 4,931 4,931 4,931 4,931 4,931 4,931 4,931 4,931 4,931 4,931 4,931 4,931 4,931 4,931 4,931 4,931 4,931 4,931 - - - - - - - - - - - - - - - 4,889 4,889 4,889 4,889 4,889 4,889 4,889 Sales Center Subtotal 13,055 13,055 13,055 13,055 13,055 13,055 13,055 13,055 13,055 13,055 13,055 13,055 13,055 4,931 4,931 9,820 9,820 9,820 9,820 9,820 9,820 9,820 Sales Commissions - - - - - - - - - - 3,253,885 3,253,885 3,254,862 - - - - - - - - - 692,141 692,141 692,141 692,141 692,141 692,141 692,141 362,550 - - - - - - - - - - - - 3,296,899 3,296,899 - - - - - - - 169,739 373,427 373,427 373,427 373,427 373,427 373,427 373,427 373,427 3,908,342 758,777 758,777 758,777 758,777 758,777 Sales Commissions Subtotal 692,141 692,141 692,141 692,141 692,141 692,141 692,141 532,290 373,427 373,427 3,627,312 3,627,312 3,628,288 373,427 373,427 373,427 3,908,342 758,777 758,777 758,777 4,055,676 4,055,676 Condominium Settlements Allowance - - - - - - - - - - 406,654 406,654 406,776 - - - - - - - - - - - - - - - - 412,030 412,030 - - - - - - - - - - - - - - - - - - Condominium Settlements Subtotal - - - - - - - - - - 406,654 406,654 406,776 - - - - - - - 412,030 412,030 Condominium Asso. Start-up Costs Subtotal Allowance - - - - - - - - - - 394,142 788,284 394,142 - - - - - - - - - - - - - - - - - - - - - - - - - - - - 312,408 624,816 312,408 - - - - - - - - - - - - - - - - - - - Condominium Asso. Start-up Costs Subtotal - - - - - - - - - - 394,142 788,284 394,142 - - - - - - 312,408 624,816 312,408 Hotel Pre-Opening and Ramp-Up Costs Pre-Opening Expense - Hotel - - - - - - - - - - 2,369,500 4,739,000 2,369,500 - - - - - - - - - Working Capital Reserve - Hotel Ramp-up - - - - - - - - - - - - 4,000,000 - - - - - - - - - Hotel Opening and Ramp-Up Costs Subtotal - - - - - - - - - - 2,369,500 4,739,000 6,369,500 - - - - - - - - - Developer's Fee 292,636 292,636 292,636 292,636 292,636 292,636 292,636 292,636 292,636 292,636 292,636 292,636 292,636 - - - - - - - - - 177,600 177,600 177,600 177,600 177,600 177,600 177,600 177,600 177,600 177,600 177,600 177,600 177,600 177,600 177,600 177,600 177,600 177,600 177,600 177,600 177,600 177,600 - - - - - - - - - - - - - - - - 176,120 176,120 176,120 176,120 176,120 176,120 Developer's Fee Subtotal 470,236 470,236 470,236 470,236 470,236 470,236 470,236 470,236 470,236 470,236 470,236 470,236 470,236 177,600 177,600 177,600 353,720 353,720 353,720 353,720 353,720 353,720 Total Project Cost (Excluding Financing) 22,519,760 28,517,094 40,287,216 23,536,366 24,931,638 23,363,754 27,856,555 31,302,458 29,266,403 27,298,744 28,789,781 39,393,480 26,137,146 7,264,761 7,167,423 10,202,940 13,594,403 10,918,049 13,383,072 10,575,203 20,139,559 13,622,194 Page 11 of 19 February 28, 2007

SCHEDULE OF PROJECT COSTS EXCLUDING FINANCING AND CONSTRUCTION PERIOD DISTRIBUTIONS CASH FLOW ANALYSIS TIMELINE (Start to Construction Completion) Hotel - Condo Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month Month 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 TOTAL 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 EXPENSES Land Cost (Net To Project) Land Cost (To Project) Subtota Construction Construction Subtota Owners Direct Costs (FF&E/OS&E) Owners Direct Costs (FF&E/OS&E) Subtotal Escalation @ 2% Escalation @ 2% Subtotal Construction Contingency @ 3% Construction Contingency @ 3% Subtota Project Management @ 1% Project Management @ 1% Subtota Archtecture, Engineering & Design Archtecture, Engineering & Design Subtota Legal and Professional Legal and Professional Subtota Permits and Fees Permits and Fees Subtotal Real Estate Taxes and Insurance Real Estate Taxes and Insurance Subtota Salaries & Administrative Expense Salaries & Administrative Expense Subtota Marketing & Advertising Marketing & Advertising Subtota Soft Cost Contingency @ 2% Soft Cost Contingency Subtota Sales Center Sales Center Subtotal Sales Commissions Sales Commissions Subtotal Condominium Settlements Allowance Condominium Settlements Subtota Condominium Asso. Start-up Costs Subtotal Allowance Condominium Asso. Start-up Costs Subtota Hotel Pre-Opening and Ramp-Up Costs Pre-Opening Expense - Hotel Working Capital Reserve - Hotel Ramp-up Hotel Opening and Ramp-Up Costs Subtota Developer's Fee Developer's Fee Subtotal Total Project Cost (Excluding Financing - - - - - - - - - - - - - - - - - - - 50,000,000 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 50,000,000 - - - - - - - - - - - - - - - - - - - 367,643,319 - - - - - - - - - - - - - - - - - - - 134,946,342 7,672,699 8,082,571 7,372,926 8,799,452 8,776,713 9,117,152 7,724,969 7,131,033 2,910,256 5,216,657 5,448,793 5,127,498 6,022,938 2,791,632 5,695,138 6,124,962 4,803,573 400,573 439,243 132,551,198 7,672,699 8,082,571 7,372,926 8,799,452 8,776,713 9,117,152 7,724,969 7,131,033 2,910,256 5,216,657 5,448,793 5,127,498 6,022,938 2,791,632 5,695,138 6,124,962 4,803,573 400,573 439,243 635,140,859 - - - - - - - - - - - - - - - - - - - 97,889,932 - - - - - - - - - - - - - - - - - - - 35,050,589 43,544 43,544 43,544 3,362,797 43,544 43,544 43,544 43,544 9,018,084 908,175 908,175 908,175 908,175 1,201,911 1,460,377 1,444,907 1,629,523 1,475,847 1,598,583 34,919,824 43,544 43,544 43,544 3,362,797 43,544 43,544 43,544 43,544 9,018,084 908,175 908,175 908,175 908,175 1,201,911 1,460,377 1,444,907 1,629,523 1,475,847 1,598,583 167,860,345 - - - - - - - - - - - - - - - - - - - 9,310,665 - - - - - - - - - - - - - - - - - - - 3,399,939 154,325 162,522 148,329 243,245 176,405 183,214 155,370 143,492 238,567 122,497 127,139 120,713 138,622 79,871 143,110 151,397 128,662 37,528 40,757 3,349,420 154,325 162,522 148,329 243,245 176,405 183,214 155,370 143,492 238,567 122,497 127,139 120,713 138,622 79,871 143,110 151,397 128,662 37,528 40,757 16,060,024 - - - - - - - - - - - - - - - - - - - 13,965,998 - - - - - - - - - - - - - - - - - - - 5,099,908 231,487 243,783 222,494 364,867 264,608 274,821 233,055 215,237 357,850 183,745 190,709 181,070 207,933 119,806 214,665 227,096 192,993 56,293 61,135 5,024,131 231,487 243,783 222,494 364,867 264,608 274,821 233,055 215,237 357,850 183,745 190,709 181,070 207,933 119,806 214,665 227,096 192,993 56,293 61,135 24,090,036 - - - - - - - - - - - - - - - - - - - - 4,655,333 - - - - - - - - - - - - - - - - - - - 1,699,969 60,324 60,324 60,324 60,324 60,324 60,324 60,324 60,324 60,324 60,324 60,324 60,324 60,324 60,324 60,324 60,324 60,324 60,324 60,324 1,674,710 60,324 60,324 60,324 60,324 60,324 60,324 60,324 60,324 60,324 60,324 60,324 60,324 60,324 60,324 60,324 60,324 60,324 60,324 60,324 8,030,012 - - - - - - - - - - - - - - - - - - - 7,410,308 - - - - - - - - - - - - - - - - - - - 3,407,038 42,135 42,135 42,135 42,135 42,135 42,135 42,135 42,135 42,135 42,135 42,135 42,135 42,135 42,135 42,135 42,135 42,135 42,135 42,135 3,378,646 42,135 42,135 42,135 42,135 42,135 42,135 42,135 42,135 42,135 42,135 42,135 42,135 42,135 42,135 42,135 42,135 42,135 42,135 42,135 14,195,992 - - - - - - - - - - - - - - - - - - - 652,500 - - - - - - - - - - - - - - - - - - - 300,000 - - - - - - - - - - - - - - - - - - - 297,500 - - - - - - - - - - - - - - - - - - - 1,250,000-6,718,140 - - - - 3,088,800 3,522 3,522 3,522 3,522 3,522 3,522 3,522 3,522 3,522 3,522 3,522 3,522 3,522 3,522 3,522 3,522 3,522 3,522 3,522 3,063,060 3,522 3,522 3,522 3,522 3,522 3,522 3,522 3,522 3,522 3,522 3,522 3,522 3,522 3,522 3,522 3,522 3,522 3,522 3,522 12,870,000 - - - - - - - - - - - - - - - - - - - 6,901,701 - - - - - - - - - - - - - - - - - - - 3,173,196 - - - - - - - - - - - - - - - - - 714,000-3,146,753 - - - - - - - - - - - - - - - - - 714,000-13,221,650 - - - - - - - - - - - - - - - - - - - 1,044,000 - - - - - - - - - - - - - - - - - - - 480,000 13,887 13,887 13,887 13,887 13,887 13,887 13,887 13,887 13,887 13,887 13,887 13,887 13,887 13,887 13,887 13,887 13,887 13,887 13,887 476,000 13,887 13,887 13,887 13,887 13,887 13,887 13,887 13,887 13,887 13,887 13,887 13,887 13,887 13,887 13,887 13,887 13,887 13,887 13,887 2,000,000 - - - - - - - - - - - - - - - - - - - 7,308,000 - - - - - - - - - - - - - - - - - - - 3,360,000 101,990 101,990 101,990 101,990 101,990 101,990 101,990 101,990 101,990 101,990 101,990 101,990 101,990 101,990 101,990 101,990 101,990 101,990 101,990 3,332,000 101,990 101,990 101,990 101,990 101,990 101,990 101,990 101,990 101,990 101,990 101,990 101,990 101,990 101,990 101,990 101,990 101,990 101,990 101,990 14,000,000 - - - - - - - - - - - - - - - - - - - 693,800 - - - - - - - - - - - - - - - - - - - 310,180 9,166 9,166 9,166 9,166 9,166 9,166 9,166 9,166 9,166 9,166 9,166 9,166 9,166 9,166 9,166 9,166 9,166 9,166 9,166 307,373 9,166 9,166 9,166 9,166 9,166 9,166 9,166 9,166 9,166 9,166 9,166 9,166 9,166 9,166 9,166 9,166 9,166 9,166 9,166 1,311,353 - - - - - - - - - - - - - - - - - - - 1,530,945 - - - - - - - - - - - - - - - - - - - 703,883 4,889 4,889 4,889 4,889 4,889 4,889 4,889 4,889 4,889 4,889 4,889 4,889 4,889 4,889 4,889 4,889 4,889 4,889-698,017 4,889 4,889 4,889 4,889 4,889 4,889 4,889 4,889 4,889 4,889 4,889 4,889 4,889 4,889 4,889 4,889 4,889 4,889-2,932,845 - - - - - - - - - - - - - - - - - - - 29,282,040 - - - - - - - - - - - - - - - - - - - 19,777,440 758,777 758,777 758,777 551,838 - - - - - - - - - - - - - 3,395,806 3,450,022 20,533,378 758,777 758,777 758,777 551,838 - - - - - - - - - - - - - 3,395,806 3,450,022 69,592,858 - - - - - - - - - - - - - - - - - - - 1,220,085 - - - - - - - - - - - - - - - - - - - 824,060 - - - - - - - - - - - - - - - - - 427,779 427,779 855,557 - - - - - - - - - - - - - - - - - 427,779 427,779 2,899,702 - - - - - - - - - - - - - - - - - - - 1,576,568 - - - - - - - - - - - - - - - - - - - 1,249,632 - - - - - - - - - - - - - - - - - 624,813 624,813 1,249,626 - - - - - - - - - - - - - - - - - 624,813 624,813 4,075,827 - - - - - - - - - - - - - - - - - - - 9,478,000 - - - - - - - - - - - - - - - - - - - 4,000,000 - - - - - - - - - - - - - - - - - - - 13,478,000 - - - - - - - - - - - - - - - - - - - 10,440,000 - - - - - - - - - - - - - - - - - - - 4,800,000 176,120 176,120 176,120 176,120 176,120 176,120 176,120 176,120 176,120 176,120 176,120 176,120 176,120 176,120 176,120 176,120 176,120 176,120 176,120 4,760,000 176,120 176,120 176,120 176,120 176,120 176,120 176,120 176,120 176,120 176,120 176,120 176,120 176,120 176,120 176,120 176,120 176,120 176,120 176,120 20,000,000 9,272,868 9,703,233 8,958,106 13,734,234 9,673,305 10,030,766 8,568,974 7,945,341 12,936,792 6,843,108 7,086,851 6,749,491 7,689,703 4,605,256 7,925,325 8,360,397 7,166,786 7,544,673 7,049,477 1,073,009,504 Page 12 of 19 February 28, 2007